I was served papers tonight from a Collections Agency.. For a credit card I used back in 2003.. I have not made any payments on it since 2003... the amount is $1200.. i was 18 when I used it... it was Bank of America and another credit agency bought it I think in 2007.. What do I do? I thought the 4 years where up already.. why are they suing me..? I live in California.
First try to find out if there is really a lawsuit agaisnt you.
The Statute of Limitations (SOL) in California is 4 years. Then, as per what you say, the SOL on this account has expired. The collection agency won't be able to win agaisnt you, as the SOL has expired.
However, as you have received the summons, you will have to answer to that. You can defend yourself by mentioning about the expired SOL. I think it is better to consult a lawyer about this.
I agree with Aaron, anytime you are served with a court summons it is always best to consult with an attorney. There are plenty of lawyers that do not charge a fee for a consultation. Do research on the CA as well, they may be known offenders of the law and there may be a class action suite out there or an attorney who as fought this battle for another party in the past and would be willing to file a counter claim.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.